The differences between homeowners, renters and condo insurance
Have you ever wondered about the differences between homeowners, renters and condo insurance? In some ways, they’re similar, and in many ways there are significant differences.
Homeowners insurance is for those who own their home or apartment, and it covers both the structure of the home and their personal belongings. Renters insurance is purchased by tenants, and it covers damage to or theft of their personal property, but not damage to the building itself. The costs of homeowners insurance will be based on a number of factors, including the coverage’s you select, your home features and the value of your personal belongings.
Renters insurance is purchased by tenants, and it covers damage to or theft of their personal property, but not damage to the building itself. It also protects renters from any liability that emerges from someone getting hurt in their home. Most policies will also compensate you for any temporary living expenses if your rental unit or home is damaged in a storm or fire. Most renters insurance policies will cover clothing, electronics, furniture and tools/power equipment. While renters insurance is not typically required by law, your landlord may require you to purchase coverage.
Condo insurance covers what your HOA won’t, like repairing the inside of your unit after disasters, replacing damaged or stolen belongings and paying liability costs if guests are injured there. Note that liability often covers your responsibility for libel, slander, and other bodily injury claims. When determining how much coverage you need for your personal condo insurance, figure out how much your master policy offers in both personal property protection and liability protection. Just like homeowners insurance condo insurance will vary based on a number of factors.
When it comes to insurance, you want to make sure you are going with a provider that is legitimate and creditworthy.
To learn more about these insurance policies please contact us at mypfg.com today!